Small businesses need more help than ever to negotiate state and federal credits. These credits are critical to aid in extending the runway of businesses helping them to hire more employees and finance other business objectives. 20% of small business owners do not know the full scope of tax incentives available to them and leave significant money on the table. There are numerous types of tax credits totaling hundreds of billions of dollars. The process of finding and applying relevant tax credits is tedious, complex, expensive and time consuming. The most common way is involving a CPA. However, tax credits are hard to find and even tougher to file. Most CPAs are paid by per filing and not the amount of money saved.
MainStreet is 2 years old and offers various services including software discounts, contract negotiation and tax credits. It uses AI and client data to identify credits that businesses qualify for. After that, it assists company accountants with their paperwork so that the credits can be included in their yearly tax filings. MainStreet advances a tranche of the tax credits owed in real time for free at the request of the client. This prevents businesses from waiting until Tax Day. On average, companies have saved $51,000 through MainStreet’s services.
Notable competitors include Pilot, neo.tax and traditional accounting firms. It’s advantage has been an undemanding and pleasurable process with no upfront costs or subscriptions. Other factors include saving customers’ time, supporting hundreds of credits, quick access to cash rather than a year long wait, and audit support. The company’s main challenge has been Covid-19 as taxes dry up yet its services helping businesses thrive has never been clearer.
MainStreet hopes to transform America’s economic landscape. It’s future plans involve expanding beyond technology companies to include all startups & expanding it’s range of tax credits and economic incentives.
Release ID: 89061861